Interim report
Page 1
FIRST HALF YEAR 2026 REPORT
Page 2
ADS MARITIME HOLDING PLC FIRST HALF YEAR 2026 REPORT Page | 1 ADS Maritime Holding Plc (“The Company” or “ADSMH”) is a shipping investment company established in 2018 and listed on the Euronext Growth Oslo Stock Exchange with the ticker symbol “ADS”. The Company focuses on making counter-cyclical investments within the maritime and aviation sector. A typical investment can be ownership of 10% - 25% of a shipping project, whereby the Company also earns fees through various roles such as Arrangement fees, Business Management fees and Commercial Management fees. Should the opportunity arise for a larger investment that is attractive and fits the strategy, the Company will seek to raise external debt and/or equity to fund such growth. Furthermore, ADSMH is also open to investing in other financial instruments within the maritime and aviation sector. The investments 1. AET Sea Shuttle AS (“AET”) – investment in shuttle tankers In June 2022, the Company acquired a 5% shareholding in AET Sea Shuttle AS and AET Sea Shuttle II AS, the owners of 4 modern shuttle tankers (of which two are built in 2015 and two in 2019) operating in the North Sea, mainly on long term charters to Equinor. Throughout 2025 and up to first half year 2026, the Company has not received any dividends from the AET investment. 2. United Overseas Products AS (“UOP”) - investments in MR tankers In October 2022, ADS acquired a 10% shareholding in UOP, which owns the MR tanker vessels “UOG Oslo” (built 2010) and “UOG Sparta” (built 2009). In addition to its ownership interest in the vessels, the Company was also acting as Disponent Owner for the project. UOG Sparta was sold in May 2024, resulting in a subsequent repayment of capital to the shareholders. Following the sale of UOG Sparta, UOP decided to sell UOG Oslo in 2025. The sale was completed in 2026, and the vessel was delivered to the new owners in February 2026. Proceeds from the sale were distributed to the shareholders during 2026, totalling USD 1 170k, paid in three distributions. A fourth and final distribution is expected by December 2026. 3. ParDive Subsea AS (“ParDive”) - investment in Dive Support Vessel In March 2023, the Company acquired a 10% shareholding in ParDive Subsea, the owner of the Dive Support Vessel “Southern Star” (built 2017), and acted as Commercial Manager with primary responsibility for following up the shipowning company’s activities related to the vessel and its employment. During 2025, the Company received USD 780k in repayment of capital. In Q3-2025, the charterer exercised its purchase option. The vessel was delivered to the new owner in Q1-2026. During H1-2026, the Company received USD 5 220k as repayment of capital.
Page 3
ADS MARITIME HOLDING PLC FIRST HALF YEAR 2026 REPORT Page | 2 4. Aircraft Leasing Arrangements with OSM Aviation Academy (“OSMAA”) During 2025, the Company entered into sale-and-leaseback agreements for two aircraft with OSMAA, a related company. In addition, the Company financed the acquisition of a third aircraft, which was subsequently leased to OSMAA. All agreements were concluded on arm’s-length terms and are considered profitable. Total investments made to date amount to USD 1 369k. The Company expects investments in this business area to increase going forward, generating favorable returns on invested capital. Lease income commenced in October 2025 for the first two aircrafts and has in first half year 2026 been paid according to contract. The lease income from the third aircraft is expected to be invoiced and received during 2026. 5. Investment in ADS Arendal AS In December 2025, the Company acquired a 25% equity interest in ADS Arendal AS, the owner of the Kamsarmax bulk carrier “ADS Arendal” (built 2013). As part of the investment, the Company serves as Disponent Owner. The vessel is currently operating under an index-linked charter contract ending in mid-Q3 2026. The market for bulk carriers strengthened during H1-2026, resulting in a fair value gain recognised in the profit and loss statement. The Company did not receive any dividends during H1-2026.
Page 4
ADS MARITIME HOLDING PLC FIRST HALF YEAR 2026 REPORT Page | 3 Financial results Since the Company does not hold any controlling interest in the various shipowning companies it is invested in, the vessel’s revenue and operational expenditures are not consolidated in the Profit and Loss statement. In general, the Company’s investments will therefore be reflected in the Profit and Loss statement in the following way: 1. Revenue typically consists of dividends received and various management fees. 2. Both the direct shipping investments (AET, UOP, ParDive and ADS Arendal) and the sale and leaseback are categorized as financial assets. Fair value assessments are made regularly for all investments, and any change in the fair value will be categorized in Net finance. In H1-2026, the Company reports revenue of USD 251k, which compares to USD 73k in H1-2025. The main change in revenue is due to increased fees and lease received in H1-2026 compared to H1-2025. Total operating expenses during H1-2026 were USD 830k, compared to USD 497k in H1-2025. This is mainly due to currency effects on NOK denominated expenses, as well as higher professional fees, personnel costs, and office expenses. The increase in depreciation is primarily attributable to investments in aircraft. Net gain/(loss) on financial instruments in H1-2026 was a gain of USD 1 015k, compared to a loss of USD 112k in H1-2025. The gain mainly relates to changes in the fair value assessment of ADS Arendal. Finance income amounted to USD 436k in H1-2026, compared to USD 118k in H1-2025. Finance costs amounted to USD 280k in H1-2026, compared to USD 292k in H1-2025. The variance in finance income and costs is mainly related to foreign currency exchange effects. Profit and loss before tax was USD 591k profit in H1-2026, compared to USD 722k loss in H1-2025. The Company holds total assets of USD 23,9 million, of which USD 6,8k is cash and cash equivalents. Total equity is USD 23,2 million or 96,9% of total assets. Total cash and cash equivalents increased by USD 6,0 million. to USD 6 835k during the H1-2026. Risk factors The Company is exposed to several segments within the shipping industry, all of which are exposed to various types of risks. For further details on the risk factors the company is exposed to, please see note 3 of the 2025 Annual Report.
Page 5
ADS MARITIME HOLDING PLC FIRST HALF YEAR 2026 REPORT Page | 4 Interim consolidated statement of comprehensive income (In thousands of USD) Note 2026 01.01-30.06 2025 01.01-30.06 2025 01.01-31.12 Revenue Other income 251 73 349 Total revenue 251 73 349 Operating expenses Personnel cost (333) (224) (520) General & administrative costs (340) (244) (493) Depreciation (157) (29) (71) Total operating expenses (830) (497) (1 083) Operating profit (580) (424) (735) Net gain//loss) on financial instruments 1 015 (112) 1 596 Finance income 436 118 245 Finance cost (280) (292) (328) Profit before tax 591 (709) 777 Income tax (0) (12) (44) Profit after tax and total comprehensive income 591 (721) 733 (In USD) Earnings per share attributable to equity holders - Basic and diluted 0,01 (0,01) 0,01
Page 6
ADS MARITIME HOLDING PLC FIRST HALF YEAR 2026 REPORT Page | 5 Interim consolidated statement of financial position At end of 1H Year At end of (In thousands of USD) Note 2026 30.06 2025 30.06 2025 31.12 Assets Non-current assets Deferred tax assets 86 84 84 Property, plant and equipment 1 291 - 1 138 Right of use assets 199 249 227 Financial assets at fair value through profit and loss 14 901 16 597 20 287 Total non-current assets 16 478 16 930 21 737 Current assets Other current assets 572 1 876 1 061 Cash and cash equivalents 6 835 3 137 865 Total current assets 7 408 5 013 1 926 Total assets 23 885 21 943 23 663 Equity and liabilities Equity Issued share capital 14 202 14 202 14 202 Share premium 207 207 207 Other issued share capital 410 410 410 Retained earnings 8 337 6 393 7 878 Total equity 23 156 21 212 22 696 Non-current liabilities Lease liability 170 208 183 Other long-term liabilities 118 - 116 Total non-current liabilities 287 208 299 Current liabilities Lease liability 49 58 64 Other current liabilities 283 340 334 Trade payables 110 125 270 Total current liabilities 442 523 668 Total liabilities 729 731 967 Total equity and liabilities 23 885 21 943 23 663
Page 7
ADS MARITIME HOLDING PLC FIRST HALF YEAR 2026 REPORT Page | 6 Interim consolidated statement of cash flows (In thousands of USD) 2026 01.01-30.06 2025 01.01-31.12 Cash flow from operating activities Profit for the period 591 777 Adjustment for non-operating cash flow items Depreciation 157 71 Fair value adjustment (992) (1 476) Unrealized foreign currency gain (-)/loss (+) (97) 247 Dividend received - - Interest expense 7 15 Interest income (66) (179) Operating cash flow before working capital items (400) (545) Tax paid - (44) Working capital movements 140 247 Total operating cashflow (260) (342) Cash flow from investing activities Investment in subsidiaries - - Investment in financial assets at fair value - (2 500) Investment in Property, Plant and Equipment - (1 030) Sale of investments in financial assets at fair value - - Repayment on financial assets at fair value 6 390 880 Dividend and capital received - 98 Total cash flows used in investing activities 6 390 (2 552) Cash flow from financing activities Proceeds from loan - (339) Repayment on loan - - Lease payment (40) (61) Interest paid - Interest received 61 140 Total cash flow from financing activities 21 (260) Effect from foreign currency revaluation on cash (180) 393 Net increase in cash and cash equivalents 5 971 (2 761) Cash and cash equivalents at beginning of period 865 3 626 Cash and cash equivalents at end of period 6 836 865
Page 8
ADS MARITIME HOLDING PLC FIRST HALF YEAR 2026 REPORT Page | 7 Interim consolidated statement of changes in equity (In thousands of USD apart from number of shares) Number of shares Issued share capital Share premium Other issued share capital Retained earnings Total equity Balance at 1 January 2025 71 009 348 14 202 207 410 6 783 21 602 Total comprehensive income for the period - - 733 733 Currency translation and other effects 361 361 Balance at 31 December 2025 71 009 348 14 202 207 410 7 878 22 696 Total comprehensive income for the period 591 591 Currency translation and other effects (132) (132) Balance at 30 June 2026 71 009 348 14 202 207 410 8 337 23 155 At 30th June 2026 the nominal value of the Company’s authorized share capital is USD 1,000 million, consisting of 5,000,000,000 shares of par value USD 0.20 each, of which the Company has issued 71 009 348 shares with total share capital USD 14.2 million.
Page 9
ADS MARITIME HOLDING PLC FIRST HALF YEAR 2026 REPORT Page | 8 Notes to the interim consolidated financial statements 1. General information These interim unaudited consolidated financial statements of ADS Maritime Holding Plc (“ADS Maritime Holding” or the “Company”) were authorized for issue in accordance with a resolution of the Board of Directors passed o n 27 August 2026. ADS Maritime Holding Plc is a public limited company listed on the Euronext Growth at the Oslo Stock Exchange. The Company is incorporated in Cyprus, and the address of its registered office is OSM House, 22 Amathountos, 4532 Agios Tychonas, Limassol, Cyprus. The Company is domiciled in Cyprus and has Norwegian subsidiaries based in Arendal, Norway. The principal activities of the Company are shipping investments. 2. Significant accounting policies 2.1. Basis of preparation These interim financial statements are prepared in accordance with IAS 34 Interim financial reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the EU. The interim financial statements do not include all the information and disclosures required by International Financial Reporting Standards (IFRS) for a complete set of financial statements. The accounting principles applied by the Company in these interim consolidated financial statements are consistent with those applied in the audited annual consolidated financial statements for the year ended 31 December 20 25 unless otherwise stated below. Please refer to Note 2 Significant accounting policies in the 20255 Annual Report for information on the Company’s accounting policies. 2.2. Going concern These financial statements have been prepared based on the assumption of going concern. The Company currently holds investments as described in this report. At the end of H1 -2026 the Company had approximately USD 6,8 million cash at bank. The Company considers the amount sufficient and expects to be reliant on new financing should it consider larger investments in the future. 3. Events after the reporting period. There have been no events after the reporting period.
Page 10
ADS MARITIME HOLDING PLC